>> markets trading lower on the day from stocks to bonds, a lot of things to the speed coming from washington. bloomberg markets starts right now. let's get a quick check on markets because you are seeing red on the screen especially when it come to the equity markets, some real pain in the s&p 500, but compared to the nasdaq it is underperforming. the bond market is in sync. heels are higher as the bond market sells off a little bit.

intraday, a bigger move that we have to keep our eyes on. 3.41 on the 10-year yield. intraday volatility is what you really want to be keeping an eye on as we start to get more commentary from the voting members of the federal reserve. we also expect to hear from lael brainard in a few minutes. the dollar kind of moving in the same direction but not with the same conviction. unchanged on the day, trying to figure out what cues to follow. nymex crude getting closer to $100 oil once again, higher by 1.4% on the day. one of the things that we mentioned, what the u.s. treasury is doing when it comes to the debt ceiling. they are taking special measures to avoid hitting the top of it. $31.4 trillion is what we are looking at. bloomberg caught up with some of

the major leaders at the world economic forum to get their view about how dangerous this is. >> we will pay our debts, we always have, always will. how messy it will get, we don't know yet. >> people use the debt ceiling to make a point, and the point from the republican side is that we are spending too much money. >> i am not too concerned with that, they will deal with that issue. >> i really hope they get the job done and move the debt ceiling. >> politics will finally get to the right place on this. the other option is just not an option. kriti: let's bring in ira jersey, our chief interest rates strategist. 31 point $4 trillion is the ceiling we are hitting today. janet yellen putting in these emergency measures. the bond market does not seem to care. should they, given the train wreck last time we were up at

the ceiling to this degree, that massive move into treasuries in 2011? ira: every two years, we have a crisis. frankly, it is very annoying. i am not one who is against fiscal constraint, but there is a time to do it and a time not to. janet yellen's announcement today that they would use extraordinary measures, not unexpected. the weird thing is, during different times this year, they may have to use extraordinary members, top them off, and then go back to using them again because they are inflows, maturities of debt, april 15 is tax day. then we will be under the ceiling again once all of the t-bills they've been issuing over the last week's mature. they are playing games, but i think one of the good things that janet yellen provided today, it puts congress on the

clock. congress can now understand, we have to do something. it might be sooner than we were initially expecting. kriti: it looks like they have until about june to do it. is the worst case scenario, the downgrade in a credit rating, even a possibility right now when it comes to bond market investors? ira: i don't think it really matters that much in terms of the invest ability of the asset. what happens if the government were to default or delay payments for even a couple of days is very unknown. we don't know. it is not something the government can take back. congress cannot say, sorry, we made a mistake. once you delay payments on principal or interest payments, the full faith and credit of the u.s. comes in doubt. the issue is then who does not by? u.s. domestic investors will have to buy. that is part of a lot of

different mandates, but foreigners who still own one third of u.s. debt, nearly $10 trillion of debt is owned outside of the u.s., and if those investors don't start to come in, particularly when the federal reserve is letting its balance sh runoff, it means you had to find additional incremental buyers, and interest rates will probably be higher than they would be if the government had not defaulted. just don't default, it is a bad idea. doing these gamesmanship, brinkmanship every two years, i think, is not healthy for the discourse of how secure the public debt is. kriti: perhaps not priced in immediately. we will revisit this if we see action. today, it seems like the trade is driven by a lot of the speakers that we are hearing from the federal reserve. boston president susan collins spoke this morning, saying, now

that rates are in restricted territory and we may -- based on current indicators -- be nearing the, i believe it is appropriate to have shifted from the initial expeditious pace of tightening to a slower pace." this is a growing consensus, that the slowdown is afoot. what is the case for that 50 basis point hike? ira: i don't think they are hiking 50 basis point again this cycle, at least for a long time, until inflation starts to turn up again. i'm looking for 25 in january. then how many more 20 five basis point hikes do they go? i have said they are now in calibration mode. they need to downshift to the 25 basis points, because it is hard to go from 50 to zero. if they go 25, they can stop almost any time they hike in january. i think they go in march, want to get to 5% on the upper bound, but will they go to 5.25 or not?

that will depend on the data in particular and the job market. this morning, we saw strong data from the on up limit benefits. -- unemployment benefits. the fed will be happy with 5, 5 .25 the rest of the year, and the market is still pricing in some rate cuts before year-end. we don't think that we will see any. kriti: certainly something that we are keeping our eyes on. thank you for the insight. i want to circle back to the debt ceiling story. perhaps not at the top of investor minds, but certainly at the top of mines in washington. joining me now is emily wilkins who has been following the story closely. wall street is saying this time is not different, they will get around to it, but with a different cast of characters, the threat is much higher. what do you make of all this? emily: the concerns this time around is the narrow majority

that republicans have to work with within the house. as we saw during the speakers race, you saw those hardline members really come out band to be able to draw a line in the sand, push for their priorities, and didn't mind holding everyone's feet to the fire. that is what is different. this time around, you only have that small margin and a larger number of lawmakers who are saying we want to make sure our priorities get past with this debt limit. kriti: lock us through the timeline. janet yellen put in those extra ordinary measures, involving two funds that manage the money for retirees. what happens in congress? emily: kevin mccarthy has already asked for sit downs with the white house to begin negotiations over the debt limit. the white house as there is nothing to negotiate, just go ahead and raise it, but republicans do not want that. that is true across the board for republicans.

even those who come from more moderate districts. they say we need to rein in federal spending. we need to look at the different entitlement programs out there, social security, medicare, and we need to make sure that those programs have longevity. those are some things that are on the cutting board right now. the question is what that looks like. no one is suggesting getting rid of social security or medicare, but there are questions about what it may look like in the future. that is something republicans will have to figure out. what to they want to attach to the bill, what are the details of that, and can that actually get done? can that clear a republican-controlled house as well as a democratic-controlled senate, and get biden's final approval? kriti: a long to do list coming out of congress. thank you for breaking it down with us. coming up, argentina's plan to repurchase $1 billion bond buybacks as em investors scratching their heads.

stay with us. this is bloomberg. ♪

kriti: this is bloomberg markets. i'm kriti gupta. making a pretty bold call, gambling on a comeback in debt from argentina, one of the world's most notorious defaulters, learned by a potential market friendly turn after this year's election. joining us is patrick as well as damian sassower. your case on buying argentinian debt is pretty contrarian, and

it all rests on the politics. walk us through your case. >> i think the case rests valuations, fundamentals, and we think the underappreciated benefits that a regime change can provide you argentina. from a valuation perspective, argentine bonds are treating in the high 20's, low 30's. past recoveries, two defaults in 2002 and again in 2020, have yielded high recovery values. we would argue the fundamentals today are nowhere near as challenging or stretched as they were back then, especially when we compare what argentina looks like today to what it looks like in 2002. today, argentina is a basket case, as it usually is, looking at recession in the face,

inflation around 100%, and a large part of that is overvalued. but compared to historical perspectives, in 2002, the debt to gdp ratio had exploded, everyone was in debt. we are in surplus today. today, banks are cash and equity rich. what we think will transpire later this year, which is a regime change with a new government that will enjoy a lot of political capital, we think that could set the pace for a number of policy changes that can unlock value. kriti: lock us through your take on yesterday's price action. we saw a $1 billion bond buyback in the works for argentina announcing it, while also looking at a $44 billion agreement with the imf. how do you fund that kind of bond buyback when your cash reserves are so low?

>> there are still a number of outstanding questions. we don't know whether that one billion is phased or cash, and we don't know when it will start tracking bonds. state agencies have already likely purchased the bonds ahead of the announcement. as to how they finance it, argentine authorities claim they will finance it through some of the energy savings that they expect to accrue this year as a result of much lower gas and lng prices. but the final question you have to ask ourselves is whether this is necessarily a good use of scarce dollar reserves. we think not, but you have to understand, this is a government

looking to run for reelection and is using every means at their disposal to try and iron out the fx volatility and bring down inflation. kriti: patrick is making a pretty bold call. damien, walk us through your take on argentina, specifically in the context of 95% inflation and a weak peso. >> i agree with nearly everything he is saying. most of all, argentina should have been buying this debt when the bonds were trading on $.19 on the dollar instead of 36. if they were, good for them. at the end of the day, i agree with patrick, this is not the best use of their reserves. perhaps easing some of the capital constraints. the national oil company can pay off its maturities more easily. that is probably a better use of

that billion dollars, but who am i to argue? bonds have been in the back of the train for a long time. 30 plus years are treating emerging markets, it burns a lot of people. difficult to get in, but when things are really bad, that is probably when you want to look at argentina. kriti: it also feels like some of the backers of patrick's thesis will say a lot of it is also based on expectations coming from lower energy imports. i want to stick with that conversation and broaden it out to brazil. i want to get your take, damien, on brazil. how does somebody play that country? >> brazil is a receiving story. emso likes to receive on the front end of those curves. for me it is about inflationary dynamics. if mexico and brazil, now that

the beta regime is shifting with the china reopening, is it going to be eastern europe where inflation is running so hot? my know poland has been a favorite for others out there. i think there is a lot out there. asia is behind the curve. malaysia and indonesia raised overnight. they are still behind the emerging broader market asset class. brazil diy futures is perhaps one place that you want to look. kriti: patrick, how do you play brazil in this environment? >> i wish i could disagree with what was said now, but we agree, brazil rates in the future look particularly attractive. the fact of the matter is, the

market has priced in, we think, a lot of political risk premium. even if we assume neutral rates should be revised higher as a result of the concerns around fiscal policy, sustainability of debt dynamics over the long-term. in the current context with the brazilian central bank frontloaded every monetary policy hiking cycle that we can see, dating back to march 2021, bringing rates to very high levels, looking at inflation expectations in 2024, that seems to be well anchored between 3.5 and 4%. basically close to double digits , to us, seem excessive. kriti: thank you both. fascinating conversation. i wish we had more time but

something that we will keep our eyes on. in the meantime, we are getting headlines from lael brainard, speaking right now at the university of chicago booth school of business. she is not saying anything to groundbreaking, things that we have heard from other officials, but she says it will take time and resolve to lower inflation to 2%, and you need sufficiently restrictive policy for some of this to actually work out, and for some time. this is something that james bullard has said, something that raphael bostic has said, as well. this is coming in the context of some other players, the dallas fed, patrick harker getting on the train at 25 basis points. we will continue to bring you more headlines as we get them, specifically, commentary from lael brainard in chicago. still ahead, joe manchin

discusses a path forward to a catastrophic u.s. default. that interview from davos, switzerland. this is bloomberg. ♪

kriti: this is bloomberg markets. i'm kriti gupta. now to something that i think is so important, even if the markets are not trading on it. the u.s. debt limit. really making the extraordinary measures enacted at the treasury. take a look at the last five or six years. you can see how it has popped higher. will they be able to push their differences aside and navigate yet another increase in the debt ceiling? a lot of people saying is the debt ceiling even a logical option? that will be a hot topic not just here in washington but in

davos, switzerland. senator joe manchin is calling for bipartisan commissions when it comes to federal spending as part of a deal to avert a government default which would have widespread implications. >> we will pay our debts. we always have, we always will. how messy it will get, we don't know yet. i would like to see a coalition of a bipartisan, bicameral, democrats and republicans putting a group together. we will look at all of the trust funds to see the deficiencies, when they will be insolvent, what we can do to prevent that. then we have a piece of legislation where we will make a deal. we will raise the debt ceiling if you give the american public a look at what we are dealing with, recommendations that we make, and then have a vote on the floor. the same thing with the $31

trillion of debt. >> that sounds like commissions that we have seen in the past like on social security. are you starting to put that together? >> i am just throwing that out. i joined mitt romney on the trust act. we have social security, medicare, the highway trust. with all electric vehicles and no gasoline tax, how are you going to fund the highways? no one is talking about that. just put ev's out there. there is nothing to help us take care of these roads with these wonderful electric vehicles. this needs to be addressed. remember the old balls simpson? 2010, 2011, we have to agree that we have a tremendous amount of debt that we are writing

checks that our kids cannot cash. you have to address it. is it irresponsible for us? if you want to have concerns about, should we or should we not, absolutely we should pay our debts. should we allow them to grow disproportionately where we have trouble every year when we could've done something? kevin mccarthy has a wonderful opportunity to say, let's act like adults. we have a debt. how do we fix it together and move forward? kriti: that was democratic senator joe manchin speaking to david westin in switzerland, making a crucial point when it comes to the u.s. debt ceiling. we have this conversation every two years, but this is a different cast of characters, and you are coming across a more dire move when it comes to the implications. the full faith and credit backed by the government.

in the markets, you are still seeing a selloff. the s&p 500 is down .6%. the bond market is not far behind. 3.41 on the 10 year. coming up, more conversation from davos. this is bloomberg. ♪ avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh it's official, america.

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mark: i'm mark crumpton with bloomberg first word news. alec baldwin will be charged with two counts of involuntary manslaughter for the fatal shooting of a cinematographer on the set of "rest" last year. the movie's armor who loaded the gun will also be charged. prosecutors say boulton was responsible for verifying the gun and the bullets had been checked. president biden goes to california today to get a firsthand look at the damage caused by recent storms. he approved disaster aid to help with debris removal, temporary housing, and loans to cover

uninsured property losses. the storm systems which brought heavy rains, snowfall, and dangerous wind and spurned landslides and flooding, have caused an estimated $30 billion in damages. at least 20 people have died. british prime minister rishi sunak says he wishes he could cut taxes tomorrow but says he can only do so once inflation is under control. inflation is currently at more than five times the bank of england's 2% target. speaking in northern england today, he also defended his government's allocation of unveiling funds for regeneration and infrastructure after wealthy regions received more cash than some depressed areas. nato has learned lessons from the war in ukraine. the alliance's chief tells bloomberg the allies are like you to meet an air defense capabilities and deeper stocks of ammunition in the coming years.

the admiral also said, despite russia's battlefield setbacks, its armed forces not be underestimated. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. ♪ >> welcome to bloomberg markets. kriti: we are seeing bad on the screen as we look at equity markets. the s&p 500 trading down .6%. the nasdaq underperforming, and that is coming at the same time that the bond market is selling off. the 10 year, 3.40 right now. the bond market recalibrating what the future might look like

after that february 1 fed meeting. the dollar taking its cue from the bond market but not really. you are seeing weakness in the greenback. only about .1%, but only enough to fuel a tailwind into the commodities sector, which brings me to nymex crude. higher by 1%. jon: when we look at the markets, everyone is trying to figure out where we are heading. the fact that we have been in earnings season has been an opportunity for different companies on their own outlooks. today was one of those days where we had some cautious outlooks. alcoa down 5%. a shaky demand picture seems to be affecting the shipment story for the rest of the year. discover financial is modestly lower now, starting to see signs of consumer weakness falling behind on payments. procter & gamble down 1.5% today as they get ready for more macro headwinds. you talked about tech.

we will be watching netflix quarterly results tonight. ahead of those, down roughly 1%. we will speak to an analyst about what to expect later this half-hour. kriti: certainly something that we will keep our eyes on as we see a broad selloff. we are hearing from some of the major voices out of davos at the world economic forum. christine lagarde discussing how determined she is to fight inflation. >> inflation, by all accounts, however you look at it, is way too high. our determination at the ecb is to bring it back to 2% in a timely manner and taking all the measures we have to take in order to do that. jon: for more on that inflation story, comments that we just heard from the fed chair, lael brainard, who says rates need to stay at elevated levels, we bring in lara rhame.

from where you sit on the inflation front, we see some easing, but in terms of getting back to target levels that central banks are eyeing closely, what does the roadmap look like? >> i think that that and all of these central banks feel like right now they need to be in tightening mode. one of the key disconnects we are seeing between the rhetoric coming out of central banks and markets is really geared toward the back half of the year. to some degree, i've been saying the fight for the rate hike cycle is winding down, but the fight over what comes next is only ramping up. right now in the u.s., we have over 75 basis points of rate cuts priced in in the second half of the year. i think that is something the fed will have to aggressively push back against. their goal is to try and push markets away from easing financial conditions in that way. kriti: when you are talking

about what the federal reserve will do next, to what extent does this put the ecb in control by comparison, if the fed was supposed to be the central banker to the world, is that role not going to the ecb, as they are the more hawkish by comparison? lara: i do think the hawkish notice is playing off of each other, and to some degree, the ecb is allowing the fed to at least moderate their rate hikes going into the first half of the year. at the same time, the fed remains clearly a leader among global central banks. everyone will continue to take their cues from the fed is somewhat. jon: back to the point that you made about the market perspective on second have rate moves. do you anticipate a situation where inflation would be at a level, the economic picture

would be in such a fashion that you could see interest rate moves to the downside, even if not as aggressive as some are anticipating? lara: i see an economy that continues to grind along with slow growth but positive growth in the first part of the year. the inflation story will be really interesting. a lot of bass effects are causing the year on your numbers to come down pretty fast. but i think that that will be very conscious of the fact that they need to be cautious about potentially reading flaming inflation. what is happening now with financial conditions is a great example. long-term interest rates have come down, mortgage rates have come down. i don't think it will take much for the housing market or these other sectors to reignite with activity pretty quickly. unemployment is still at a 40-year low.

at the end of the day, our economy output might be more moderate and challenged and there are signs of stagnation, but we are still star -- far from recession and certainly far from the type of easing cycle which makes equity markets rip higher. that is the disconnect. when i look at this hope of a goldilocks soft landing, it still includes slow growth. we will still see earnings challenged in that environment, and that is why you are seeing such cautious earnings announcements as we go into this season. kriti: i have to do it because i've been obsessed with the topic all day long. jon, forgive me, let's talk about the debt ceiling. no one else is talking about it except for wall street and the investment grade community. nobody cares because it happens every two years, washington figures it out. this time feels different to me. does it feel different to you?

lara: it does. i have trouble shaking people out of the complacency. we still have quantitative tightening. we have other global central banks that have pared back their holdings of treasuries. we don't need another reason for interest rates to rise, especially in an environment where we are seeing cyclical headwinds coming from higher interest rates. it is going to be something that could catch people by surprise. kriti: larry ray name, agreeing with me on international television. thank you so much for your time and insight. coming up, are you still watching netflix? quarterly reports after the closing bell. we will discuss if the streaming giant is making the right moves when it comes to revenue, subscriber growth, and ad retention. this is bloomberg. ♪

kriti: this is bloomberg markets. i'm kriti gupta. netflix will report results later today. subscriber count and add --

let's get a little more insight on the panel. the managing director at oppenheimer. one of the higher price targets on the street. ed also joins us from san francisco. jason, you are one of the most bullish people on the street when it comes to the price target. of the subscriber count, content, and spend, what will investors trade on today? >> we think it's all about subscribers. the business is in transition. the total subscriber number is what you will look at. they said that they will not -- to subscribers anymore, so they will have to look back at revenue to find subscribers. we don't expect them to break out at revenue for the for siebel future. it is all about subscribers.

jon: i don't want to get to inside baseball, but jason is getting to something important. when companies report quarterly results, we get into these rhythms, people get a sense of where subscriber numbers are going. can you tell us why they decided in the first place to move away from those subscriber guidance numbers that everyone got so used to? >> within netflix there was frustration about the obsession that is looking at net new subscriber adds. it is an increasingly competitive field. in the last three months of 2022, third party data suggests that flex is getting real competition from disney and warner bros. discovery. at the same time, those names are under pressure to review their own spending on content. it is great to have jason on the program. good afternoon from san

francisco. but jason is not the only want to raise his price target going into earnings. you have to go back to what netflix does, makes content. a lot of folks on the street are pointing to the pipeline and cadence of content through the second half of the year as a competitive advantage. they got off to a shaky start with ads, but they could be doing better on that ad supported tier. kriti: let's bring jason back into the conversation. when it comes to the content creation, it felt like last quarter there was an emphasis on how quickly can you generate content, as opposed to how quickly can you increase subscriber count. are you saying that the content generation may not hold as much weight? >> we think there was temporary quoted impacts on the industry. ultimately, netflix did a better job getting their shows completed.

for a time, it appeared that they had more new content than others. at the same time, as we came out of covid, competitors got their content in order and you had increased shifting of shows from linear to digital, to promote peacock, paramount plus, etc.. that created increased competition, but we think that is over, and you are starting to see more normalized cadence of content. through the end of november, netflix at 80% of netflix's top streamed shows at the end of november. second quarter last year represented the worst of it, and it will continue to get better. now you have media ceos trying to hold onto their jobs. part of that is their ability to control the cost of their streaming services. jon: one other issue that we

should keep our eyes on is the subject of password sharing, netflix cracking down on that. could we get insight on how that is going? >> this was a part of jason's call, and many others have adjusted their price target call. when you consider netflix is one of the number of players to shift to, or offer an ad- supported tier, the sale site consensus seems to be that netflix is well-positioned to deal with those changing factors. i am in a household where my wife and i have shared an account for many years. we may have shared it with family members, who knows, not for me to say. but it is an interesting point. you start to ask questions about the addressable market and what the appetite is for a paid subscriber, or for those demographics and markets interested in going into an ad

supported tier. jon: jason, let's get your perspective on that. >> we think the value of an ad supported subscriber is about four dollars. what netflix will do is say, if you want to stay on somebody else's subscription when you are subscriber number seven or something, that will cost an extra four dollars. or you can get your own ad-supported account as a way around that. we think they are just starting to do this. we have all done this. who is paying for their own netflix? we have done this with our employees, clients. there are a whole lot of people who are not paying for their own accounts. i think netflix has prided themselves on being a very consumer friendly service. that is how they got into this.

one simple password. they don't require some of the repetitive authentications that other subscription services require, but you will gradually see them crackdown. the problem that netflix has a supply constraint. jon: good to get your perspective. mr. ludlow, we will be awaiting your coverage later today. netflix is one to watch. earlier, kriti was talking about those comments from lael brainard, who has been taking questions after her speech today, saying that fed officials are starting to see the impact on inflation, the fed remains committed to bringing inflation

back to 2%, and policy is now in restricted territory. we will continue to monitor those comments. coming up, more from the world economic forum, as we hear from business leaders across the globe, including the nasdaq ceo about the state of the ipo market. we all have a purpose in life - a “why.” no matter your purpose, at pnc private bank we will work with you every step of the way to help you achieve it. so let us focus on the how.

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jon: this is bloomberg markets. time for today's for what it's worth. 79% payment that is how much ipo activity declined on the nasdaq last year after a huge 2021. nasdaq ceo adena friedman is confident that listings can bounce back. she spoke with lisa abramowicz in davos. >> i came into the year thinking that as we came out of a year of uncertainty, we didn't know how

the environment would move along, by march or april, we should have a pretty good thinking of where interest rates will land, how interest rates will move forward. the one, new factor i have le what does the reopening of china really mean? what does that mean in terms of spurring economic growth? there is a human tragedy occurring with the pandemic, as the world has experienced, but as they get past that, there is an enormous amount of savings, a huge appetite to get out in the world. you are also seeing a different conversation that chinese officials are having about working together. i feel like that could spur more economic growth but also creates more uncertainty as to how the interest-rate environment could evolve this year. >> what that could do to crude prices among many other things. >> i am hopeful that we will have a more known environment. if we do come investors and

companies can allocate capital more successfully. that will help the markets a lot. >> last year was a tough year for the capital markets. we were talking with morgan stanley about what they experienced. from your perspective, whether you think ipo's will start trickling out, whether people will start coming public again at a time when there might be uncertainty but interest rates are still quite high? >> you have to look at the companies in the context of the new normal. if we think access to money -- cost of capital is real. at the same time we have the potential for a more sustainable growth environment, you can see investors saying i'm willing to underwrite that based on a business model. growth at all costs is not likely a model that will be successful in that environment, but companies that have a clear path to profitability, companies with great businesses, are still going to tap the public markets.

we have 200 companies on file to go public that are committed to nasdaq. the question is when can investors underwrite that as an opportunity? with the more known environment around interest rates, even at a higher level, they'll be more confident in predicting the future, making those conviction decisions. jon: some helpful context as we continue to navigate these interesting markets. you were highlighting earlier those lael brainard comments which echo what we heard from lara at the start of the hour, pushing back on the fed pivot. even though we have seen inflation easing. that started to lift a lot of stocks in 2023. kriti: the counterpoint to that is something like what james bullard said. what of inflation comes back because the global economy can actually weather the storm better, pushing commodity prices higher? we are seeing that a little bit today with brent crude trading

with 86 handle. meanwhile, the rest of the market is tapering off. the nasdaq down .7%. stay with us. more markets coverage ahead. this is bloomberg. ♪ you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh

romaine: four days of gains in s&p 500 now flipping to three days of losses. kicking off to the closing bell, romaine bostick alongside scarlett, this seems to beat the added wait of whatever people's perceptions are of an economic downturn. >> sentiment has turned, last year there was bad economic data the market embraced it because i thought the fed would moderate the pace of increases and perhaps pivot.